[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 27, 2019
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo,
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Execution of Interest Rate Swap Agreements
Invincible Investment Corporation (INV) has executed interest rate swap agreements today withregards to a portion of its new borrowing (Note 1) that INV has decided today to implement, asset forth below.
(Note1) For details on the borrowing, please refer to the press release entitled “Notice concerning Debt Financing(Refinance)” as of today.

1. Reason for Executing Interest Rate Swap Agreements
In order to hedge the risk of interest rate fluctuation
2. Details of the Interest Rate Swap Agreements

Counterparty

Notional
Principal(¥ Mn)

NomuraSecurities Co.,
Ltd.

7,934
(Note1)

NomuraSecurities Co.,
Ltd.

2,500
(Note2)

Interest Rate
（upper：fixed ratepayable）(lower: floating ratereceivable)

AgreementDate

Applicable Period

Interest
Payment Date

March 27,
2019

FromMarch 29, 2019
toMarch 29, 2022

The last Japanesebusiness day of eachmonth and the last dayof the applicable period

March 27,
2019

FromMarch 29, 2019
toMarch 29, 2024

The last Japanesebusiness day of eachmonth and the last dayof the applicable period

0.361%
One-month JPY
TIBOR + 0.30%
0.594%
One-month JPY
TIBOR + 0.50%(Note1) Equivalent to the amount of borrowing by New Syndicate Loan (K) (3-year tranche) to be implemented
on March 29, 2019. Due to the interest swap agreement, the interest rate of the 3-year tranche will be
fixed, in effect, at 0.361%.
(Note2) Equivalent to the amount of borrowing by New Syndicate Loan (K) (5-year tranche) to be implemented
This English language notice is a translation of the Japanese-language notice released on March 27, 2019 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1

on March 29, 2019. Due to the interest swap agreement, the interest rate of the 5-year tranche will befixed, in effect, at 0.594%.
(Note3) The initial interest calculation period is from March 29, 2019 (inclusive of the date) to April 30, 2019 (oneday prior), and the interest calculation period thereafter will be from the immediately preceding interest
payment date (inclusive of the date) to the interest payment date (one day prior).

3. Future outlook
The impact to the INV’s financial results by this execution of the interest rate swap
agreement is minimal and therefore no changes are required for the forecasts of financial
results for the fiscal periods ending June 2019 (from January 1, 2019 to June 30, 2019) andDecember 2019 (from July 1, 2019 to December 31, 2019).
4. Other matters necessary for investors’ appropriate understanding/judgment of concerned
information
The execution of the interest rate swap agreements above will not result in any materialchange to the “Investment Risks” in the securities report of INV for the fiscal period ended
December 2018 (from July 1, 2018 to December 31, 2018) (available in Japanese only) filed
on March 26, 2019.

This English language notice is a translation of the Japanese-language notice released on March 27, 2019 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2